Chinese PV Industry Brief: Xinte Energy reports drop in profit for 2023
Xinte Energy said it expects a net profit decrease for the year ending Dec. 31, 2023, based on its unaudited results. It will be in the range of CNY 4.2 billion ($582.2 million) to CNY4.4 billion, down approximately 67% to 68% compared to CNY 13.315 billion for the same period in 2022. It attributed the change to lower average selling prices of polysilicon, down by 60% compared to 2022. The company said it recorded a 90% increase in sales volume compared to the same period in 2022, with full utilization of its polysilicon production capacity.
Autowell has revealed plans for a joint venture with TT Vision Holding Berhad in Malaysia. The wholly owned subsidiary, Autowell (Singapore) Pte. Ltd, will spearhead this initiative, focusing on the production and sales of automation equipment. Autowell Singapore is set to invest $30.3 million and will secure an 85% stake in the joint venture, while TT Vision will contribute $5.35 million, for a 15% share in the company. Autowell is known for its cutting-edge automation systems covering the key components of the PV industry chain: rods, wafers, cells, and modules.
GSP Automotive Group, through its holding subsidiary GSP Dongchi, has unveiled plans to invest in a new semi-solid lithium iron phosphate battery construction project in Wenzhou, Zhejiang province. The total investment for this project is estimated to be around CNY 1.032 billion and will focus on the production of battery cells and storage systems. Upon completion, its annual production capacity is set to reach approximately 2.1 million battery cells. The products are designed for a range of applications, including household energy storage, industrial and commercial energy storage, as well as wind and solar energy. The company caters to the expanding market for large-scale energy storage solutions.
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[…] Xinte Energy said it expects a loss between CNY 780 million ($96.22 million) and CNY 950 million for the six months ending June 30, 2024, compared to a CNY 4.75 billion profit in the same period last year. The company attributed the loss to the decline in the average selling price of polysilicon, despite a 50% increase in production volume and a 30% reduction in production costs. Xinte Energy noted that the polysilicon business’s impact outweighed positive developments in other units, such as renewable energy projects in wind and solar, and manufacturing equipment and inverters, which saw a significant increase in shipments. The final results will be published by the end of August. […]
[…] Xinte Energy said it expects a loss between CNY 780 million ($96.22 million) and CNY 950 million for the six months ending June 30, 2024, compared to a CNY 4.75 billion profit in the same period last year. The company attributed the loss to the decline in the average selling price of polysilicon, despite a 50% increase in production volume and a 30% reduction in production costs. Xinte Energy noted that the polysilicon business’s impact outweighed positive developments in other units, such as renewable energy projects in wind and solar, and manufacturing equipment and inverters, which saw a significant increase in shipments. The final results will be published by the end of August. […]
[…] Da pv magazine Global […]
[…] Xinte Energy has announced a profit warning in its preliminary assessment of its fiscal 2024 results. It said it expects a net loss in the range of CNY 3.8 billion to CNY 4.1 billion, compared to a net profit attributable to shareholders of CNY 4.35 billion in 2023. […]